Reverse Mortgage Information from Folks you know and Trust who are as dedicated to Fannin County and the citizens of North Texas as Mr. "Sam" was......

 

 

 

 

 

 

Welcome

As a part of Fannin Bank's continuing commitment to the Seniors of North Texas  we are proud to  be able to offer Reverse Mortgages.    

Now Seniors in the area have a local  bank where they can go sit down with friendly folks and visit about "Reverse Mortgages" with people they know and  trust. We will be by your side through the entire process....that's our job and our commitment to be the most "Senior Friendly Bank in the Area".  

Stop in and see Laura Hartnett in our Mortgage Department  at our Bonham location and see how a Reverse Mortgage could impact your lifestyle.  If you can't visit in person give her a call at 903-583-5522.

Thanks for visiting our website and now take a few moments to browse around the site to become more familiar with   "Reverse Mortgage's" and then come see us and experience our commitment to being the most "Senior Friendly Bank" in North Texas.  

Thanks,

Allen Sanderson, President 

 

What is a Reverse Mortgage? Often times referred to as a "HECM" or Home Equity Conversion Mortgage

Vancouver Washington Reverse Mortgage Specialists

A Reverse Mortgage is a unique mortgage financial product, backed by the Government, that allows seniors, age 62 years and older, to borrow from the equity in their home and never have to make payments or re-pay the loan unless  they sell or permanently leave their home. This mortgage program was designed and is insured by the Federal Government to assist and protect seniors and allow them to maintain their financial independence.

The amount of money you can borrow depends upon the value in your home, your age and also the county in which you live. It is a HUD approved product, and it is very safe.

The proceeds can be used in any manner you choose:

  • Supplement monthly income
  • Pay off existing mortgages and debts
  • Make home repairs
  • Pay for medical bills or in-home assistance

You retain full ownership in your home, and are free to live in the home for as long as you like. The loan is not paid back until you vacate the home. If you sell your house and move, the loan will be  paid off from the proceeds of the sale. If you pass away, your heirs can either convert the Reverse Mortgage into a conventional loan and keep living in the home, or sell the home, pay off the Reverse Mortgage, and of course keep any of the excess proceeds..

Remember, the older a borrower, the larger the percentage of the home's value that can be borrowed. Also remember that you always retain title to your home and you can sell your home anytime you wish.  

 Basic Requirements              

    * Both spouses must be 62 or older*
    * Own your home (even if you have a mortgage)*
    * Occupy the home as your principal residence* 

Basic Benefits            

    * Maintain your INDEPENDENCE by not relying on family or friends for your financial needs*
    * You can REMAIN IN YOUR HOME for as long as you like*
    * Money may be used for ANY PURPOSE*
    * NO REPAYMENT for as long as you occupy your home*
    * YOU RETAIN TITLE to your home*
    * Money may be received in a variety of ways*
    * NO TAXES are paid on funds from a reverse mortgage*
    * You may sell your home at any time**
    * Does not affect Social Security or Medicare*
    * FHA insured and Fannie Mae guaranteed*
    * Growth on credit line option in most states* 

Click on the Uncle Sam Piggy Bank below to access a Mortgage Calculator to determine how much ca$h may be available to you:

Click on Patriotic Piggy Bank RM Calculator above.

More Reverse Mortgage Information

--Click to view--

All about Reverse Mortgages

Glossary of Reverse Mortgage Terms

What does it cost

Steps to Getting a Reverse Mortgage

Common Questions and Answers

Common Misconceptions and Myth's

Home

for Fannin Bank home page click here

 

 

Listed below is other useful sites that may help you better understand "Reverse Mortgages:

Links 

HUD...all about Reverse Mortgages

More about R.M.'s at Reverse Mortgage.com

First Gov for Seniors

 

 

 

 

NOTICE:   This site does not provide legal, accounting, or other professional services. If legal or other expert assistance is required, the services of a
competent professional should be sought.  We have made every effort to ensure the accuracy and completeness of the information contained in this site, however we assumes no responsibility for errors, omissions, inaccuracies, or inconsistencies. Questions or problems regarding this web site should be directed to webmaster@FanninBank-RM.com
                        
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Last modified: Friday August 08, 2008.